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been buying my home on contract but now need to find a loan to pay it off and i have low credit score

bI have been buying my home on contract since 2011 in which in the beginning it was my husband and I originally on the contract. My husband di3d suddenly in 2012 .so the owners whom we were buying it from changed the contract into my disabled son and my name. Anyways we have been making payments on time and have a great payment history with the owners. Now they want us to get a loan and pay it off. In the beginning we originally gave $35000 for it , the payoff now is around $10000. The problem is my credit score is very low. The owners are very much wanting us to pay it of within the next couple months. We have done very well keeping our payments paid and other bills paid . Now we are afraid we are going to lose our home with not owing more the $10000 on it. Is there any lenders who will work with something like this and our situation. Feeling very frustrated but determined to find a way to keep our home. Please help us if you can . thank you ! by berrybryant6062781 from Marion, Indiana. Feb 16th 2016 Reply


I think your best option would be to try a credit union. The loan size is to small for a traditional lender and credit union votes on members. You may all so try personal loan the interest rates are higher I hope this helps. Sincerely Dawn

Feb 16th 2016
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Jim DeCamp (JimDecamp)
#61 ranked lender in Indiana - 5 contributions

call me 317 507 5494

Feb 16th 2016
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,917 contributions

I understand your situation might be difficult, but regardless, a $10K loan is typically not high enough for 99% of the lenders out there.. for this reason, you might have better luck contacting your local credit union or community bank.. If those don't work, then you might have no other choice but to seek out a hard money loan.. the rate and terms will be ugly, but if it's the only thing you can do to save your home, it might be worth it.. You also might want to try renegotiating with your current note holder.. maybe they will extend the balloon date.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Feb 16th 2016
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,917 contributions

Another thought here.. you need to look at the paperwork that you signed when you purchased the home and the paperwork when you changed it adding your son.. Is there a balloon payment date? You stated they want you to pay it off within the next couple of months.. is this what your paperwork says? If you don't understand the paperwork, then try contacting legal aid services in your area.. maybe someone can read it and explain it to you.. It's also possible that there is no Balloon on your loan, in which case, unless you're late on the payments, they cannot call the note due.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Feb 16th 2016
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